《大行報告》花旗:電盈(00008.HK)中績遜預期 惟受香港電訊業務支持 評級「買入」看4.6元
花旗發表研究報告,指電盈(00008.HK)上半年業績遜預期,中期EBITDA達該行及市場對其全年預測的各約45%,大致對辦。不過,上半年虧損約8,800萬元,大幅遜該行及市場預期,主因淨財務成本按年升3%,以及合營及聯營錄應佔虧損所拖累。每股分派按年升2%,與經調整資金流(AFF)增長一致。
該行續予電盈「買入」評級,因即使公司面對下半年利率上升壓力,每股派息將維持穩定增長,受香港電訊(06823.HK)業務穩定及後者逾90%分派比率所支持。該行亦留意到媒體及解決方案業務步入正軌,盈利能力改善,收入基礎擴大,料勢頭將在今年下半年持續。另8%股息收益率料為股價帶來下行保護。該行削電盈2022至2024年盈測46%至54%,以反映上半年業績,目標價維持4.6元。
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